Solved: On january 1 2017 shay issues 700000 of 10 15-year bonds at, Accounting Basics

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On january 1 2017 shay issues 700000 of 10 15-year bonds at

Question - On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104½. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount.

Please explain the journal entry and why.

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Accounting Basics: On january 1 2017 shay issues 700000 of 10 15-year bonds at

Reference No:- TGS02931962

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Accounting Basics: On january 1 2017 shay issues 700000 of 10 15-year bonds at

Reference No:- TGS02931962

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